In the latest period of Q1'26, NBIS reported Cash & Short-term Investments of $9.3B and total Debt of $9.5B. This represents a significant scaling of the balance sheet compared to previous quarters, with both metrics reaching their historical peaks for the period covered. From Q2'23 to Q1'26, the company's financial structure has been highly volatile, characterized by a massive deleveraging event in Q1'24 where debt plummeted from $2.1B to $12M. However, starting from Q2'25, both cash positions and debt obligations have surged rapidly, with debt increasing nearly eightfold in less than a year. While cash levels remain robust, the parallel growth in debt since Q3'25 suggests a period of aggressive financing or capital expansion.